Lar España Real Estate Socimi, S.A. (LRE), the listed real estate investment company, has acquired the Vistahermosa retail complex, located in the province of Alicante, for EUR 42.5 million.
The Vistahermosa retail complex comprises a gross lettable area of 33,550 sqm and features top-tier tenants such as Alcampo, Leroy Merlin and Media Markt.
José Luis del Valle, chairman of Lar España Real Estate, said: “The purchase of the Vistahermosa complex further adds to the quality of our portfolio, thanks its strong potential. This acquisition also increases the presence of Lar España in one of the most attractive areas of Spain, the Mediterranean seaboard".
Vistahermosa is located in a sought after retail area. Located to the east of Alicante, less than ten minutes from the city centre, it features a catchment area of almost half a million inhabitants. Of these, approximately two thirds are located less than 12 minutes drive from the complex. The catchment area benefits from tourism throughout the year, with visitors having medium-to-high purchasing power.
Since the opening of the Alcampo hypermarket in November 2015, footfall at the complex has increased significantly. By the end of this year, close to six million visitors are expected to pass through its doors.
Following this acquisition, the value of the assets currently held by Lar España Real Estate now exceeds EUR 1 billion according to the latest available valuations. The 25 real estate assets owned by the Socimi have a total value of EUR 1,003 million and are spread over ten autonomous communities. Of these EUR 1,003 million, EUR 728 million equate to the purchase of thirteen retail schemes located in Madrid, Valencia, Seville, Alicante, Cantabria, Lugo, León, Vizcaya, Navarre, Guipúzcoa, Palencia, Albacete and Barcelona; EUR 150 million on the purchase of four office buildings in Madrid and one in Barcelona; EUR 70 million on four logistics properties in Guadalajara and one in Valencia; and EUR 55 million and one residential asset in Madrid.